Tullow Oil’s non-executive chair Dorothy Thompson will step down from the board, triggering a search for a replacement.
Thompson will remain chair of Tullow until the company appoints a replacement.
Tullow expects to complete its search for a replacement by the end of the summer.
Thompson joined the board in April 2018 and became chair in September that year.
She served as executive chair from December 2019 to September 2020. She stepped back to the non-executive role on the appointment of Rahul Dhir as CEO.
“My time with Tullow has been interesting and challenging and Tullow is now well positioned for a positive and sustainable future,” Thompson said.
“With the refinancing successfully concluded through our recent bond issue and with a new business plan in place which is progressing well under Rahul Dhir’s capable leadership, I have decided that this is the right time to step back from Tullow and to move to other opportunities.
“I wish the Board and staff all good fortune and will remain a keen observer of Tullow as it executes its new strategy.”
Dhir noted the company was now in a stronger position.
“I will miss Dorothy’s astute counsel, her leadership and her expert chairing of the Board and I wish her well in her future endeavours,” Dhir said.
Tullow’s senior independent non-executive director Jeremy Wilson joined in with expressions of thanks.
“During a very testing time, she calmly and wisely steered Tullow through a period of major financial and operational upheaval, and she leaves us with our best wishes for the future,” Wilson said.
Thompson was CEO of Drax before joining Tullow. She also serves as a non-executive director for Eaton Corp. and is a director of the Bank of England.